The second quarterly report of the first batch of partial stock funds disclosed on July 12th revealed the operation path of fund managers. Both funds managed by Great Wall Fund Chen Liangdong increased their stock positions to 90%, an increase of nearly 13% compared with the end of the first quarter.

In the second quarterly report, Chen Liangdong said that many electric vehicles and photovoltaic stocks were added in early April. From the perspective of Awkwardness, Dongshan Precision, BYD and Kweichow Moutai Xinjin have become the top ten Awkwardness. He said that the market outlook will focus on high-prosperity industries such as automobile industry chain and photovoltaic, and be optimistic about long-term investment opportunities in the market.

Increase the position to 90%

On July 12th, the Great Wall Jiufu Core Growth Fund and the Great Wall Emerging Industry Mixed Fund, under the Great Wall Fund, released the second quarterly report. As the first equity fund to disclose the second quarterly report, the fund manager's trend of changing positions and exchanging shares in the second quarter received attention.

According to the data of the second quarterly report, as of the end of June, the stock position of Great Wall Jiufu Core Growth Fund reached 90.53%, which was nearly 13 percentage points higher than that at the end of the first quarter. As a partial-share hybrid fund, this position is already at a high level. Judging from Chen Liangdong's historical operation, this position level is the highest since he managed this fund for more than three years.

When Chen Liangdong reviewed the operation in the second quarter, he said that in the early stage, due to the relatively high valuation of the growth track company, the expectation was relatively high, which led to the continuous adjustment of the market. However, with the marginal improvement of risk factors from late April, the epidemic situation was effectively controlled, and the steady growth policy continued to be vigorously launched, the market confidence was quickly restored, and the market rebounded significantly, while the electric smart car, photovoltaic, wind power, military industry and other industries with high prosperity were among the top rebounding ranges.

He revealed his direction of adding positions. In late April, he increased the allocation of electric smart cars, photovoltaics, wind power and other industries. In terms of Awkwardness, as of the end of the second quarter, the top ten Awkwardness of this fund are Huace Navigation, Bethel, Jiangshan Oupai, Dongshan Precision, Kaisai Bio, Kweichow Moutai, BYD, InBeur, Enjie and Contemporary Amperex Technology Co., Limited. Compared with the end of the first quarter, China Test Navigation increased its position by nearly one percentage point. Dongshan Precision, Kweichow Moutai and BYD Xinjin became the top ten stocks, while Dunan Environment, China Chemical and Gujiajiu withdrew from the top ten stocks.

Another product managed by Chen Liangdong, the Great Wall Emerging Industry Mixed Fund, operates similarly to the Great Wall Jiufu Core Growth Fund. In the second quarter, the stock position also increased by nearly 13 percentage points, reaching 90.52%.

Pay attention to automobile and photovoltaic investment opportunities

Chen Liangdong joined Great Wall Fund in July, 2011. He has served as an industry researcher, assistant fund manager and fund manager. He is the backbone of investment research trained by Great Wall Fund, with a management scale of over 3 billion yuan. As a result of accurately adding new energy track, the Great Wall Jiufu Core Growth Fund he managed achieved a yield of 15.36% in the second quarter, exceeding the performance benchmark by 10.34 percentage points. By the end of June, the fund's yield in the past five years was as high as 137.54%, exceeding the benchmark performance by 112.2 percentage points.

The reason for the massive increase in positions in the second quarter is that fund managers are firmly optimistic about A-share assets. Chen Liangdong said that looking forward to the second half of the year, after the market correction and performance growth digested the valuation, the overall valuation returned to a relatively reasonable range. At present, it is suitable for investment based on the fundamental situation of the industry and the company. It is mainly optimistic about industries with good prosperity and long-term growth space such as automobile industry chain and photovoltaic industry. At the same time, it pays due attention to and lays out industries with rising prosperity in the future such as consumer electronics, semiconductors, innovative drugs and real estate industry chain.

In addition, he is optimistic about the long-term investment opportunities in the market, especially the investment opportunities under the trend of high-quality industrial development and industrial upgrading. First, it is an investment opportunity brought by the rapid growth of new energy intelligent vehicles, photovoltaic and other emerging industries and the promotion of global industrial chain status; Second, the market share of leading enterprises with super competitiveness in mature industries has increased, and the investment opportunities brought by the efficiency improvement of traditional industries.